Mediafax (Mediafax)
Pension insurance  |  January 02, 2013 15:14:29

Once again the pension reform: Who pays?


Three pillars of retirement savings, that is according to Prime Minister Petr Necas (ODS) remedy for the increasing number of seniors and falling birth rates in the Czech Republic. People would be in addition to money from the state should rely more on the evaluation of savings in private funds and private investment activity, the second pillar is valid from January.

Setting třípilířového pension system falls under the big pension reform. Connected with her small pension reform that entered into force on 1 January 2012 and is based on the Constitutional Court. The current way of saving for retirement and modified to become more consistent and less merit parameter parameter solidarity. This is reflected in the result so that ten percent of those with the lowest incomes not record any changes, twenty percent of people with great incomes catching up, and seventy percent of the company will experience reduced income.

Also related to this acceleration in the age when retirement leaves. The government is based on statistics, which allows not only increase the proportion of people in advanced age, but also to shift the boundaries of mortality. This applies, for example, that people born after 1977 will be their retirement defer each year by two months. To illustrate: childless women born in 1984 would have to retire in 68 years.

Small pension reform passed by without much fuss, which can not be said about that big. Its share of the leftist opposition has that three-pillar mechanism sharply criticized. Pillars basically mean types of income in retirement. The first pillar is the current system, where people of working age do not skimp on their own retirement, but their contributions go directly to the payment of benefits for today's seniors.This situation is unsustainable according to the government, because the resulting pensions are low and do not cover the real needs of pensioners. Moreover, as more and more seniors and declining birth rates, in the treasury for the payment of pensions is missing more and more money.

The second pillar, which will enter into force from 1 January 2013, brings the scene pension companies and the principle of the Republic for putting the first pillar payments to private accounts. So far, people paid their pensions for 28 percent of gross wages, new - if they want to, because the input to the system is voluntary - will do 25 percent of the state payroll, three percentage points you will be able to transfer to the pension fund, which is not the man to deliver on salary remaining two percentage points. Funds offer several options for interest rates, depending on whether a person opt for higher yields or higher degree of certainty. The age and thus saving even just for yourself.

The third pillar counts with its own investments and savings of the population and it is an already existing form of pension. The state encourages citizens to him such as tax breaks or by increasing the contribution.

The controversial moment of the second pillar is the fact that although access to it is voluntary, can not leave him. It pays to mainly younger vintages, willing to more progressive appreciation of deposits, and more men than women. With them is counting on the fact that they will interrupt their careers with motherhood and live to old age. "For women, it is better to first pillar," mentioned Ondřej Schneider, a researcher at the think tank IDEA.

By the end of June 2013, the Republic of the inhabitants decide whether they want to join the second pillar. After this date, the possibility remains open only for people under the age of thirty-five years.

Money will manage pension companies that need for more stringent conditions, to obtain a license from the state. Who adds to the second pillar should be confident that their savings are accumulated by pension companies safely protected, because the law stipulates that there will be separate from the assets of shareholders. With the client's property manager himself must have on all transactions will be overseen by the Czech National Bank.

Pension payment system is then threefold. Clients can choose a life annuity, which means that with his death the payment expires. If the account remains some money, according to the principle of solidarity will go to benefits for other seniors. Conversely, if a person will live longer than they've saved time, take care of the payment of the state.

The second option is payment for at least 20 years - if the beneficiary dies before payments continue in the form of a survivor pension.

And finally, you can still choose a life annuity with a survivor's pension for three years, so the survivors will have three years to receive payment of a specified amount. The Act also provides for what happens if the client passes away before the savings phase gets to the point where money may draw (because continuously on deposit can not reach) then saved property passes to inheritance, the treasury shall not be forfeited.

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